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IRJET-Bitcoin - Growth, Improvement and Future Scope

International Research Journal of Engineering and Technology (IRJET)
e-ISSN: 2395-0056
Volume: 06 Issue: 12 | Dec 2019
p-ISSN: 2395-0072
Bitcoin - Growth, Improvement and Future Scope
Jaison Agy George
Student, Dept. of Information Technology, Keraleeya Samajam (REGD.) Model College, Maharashtra, India
---------------------------------------------------------***------------------------------------------------------Abstract - This paper examines the general idea of growth,
improvement and future scope of bitcoin as a
cryptocurrency. Bitcoin uses peer-to-peer technology which
is de-centralized and doesn’t involve any financial intuition
while completing any transaction. Also, the rates of Bitcoin
solely depend on the Transaction Quantity. More the number
of transaction quantity more is the boom in bitcoin prices.
Recent studies states that bitcoin's transaction quantity is a
growing fashion as other each day transaction is minting
with the change of Bitcoin. The study additionally uses
surveys from peoples, with Technical Background who have
a good knowledge on Bitcoins. Studies also show that Bitcoin
Prices have increased over 200% in just four years (20152019), As a result, most governments have now not given
their approval for the usage of bitcoin of their country. But if
bitcoin becomes stable in the future, then without problems,
it would be readily accepted worldwide; human beings can
have higher faith in the cryptocurrency technology and its
Key Words – Cryptocurrency, bitcoin.
Cryptocurrency is nothing but an advanced solution to get
rid of the problem faced by society with the use of physical
currency. The physical currency is difficult to keep handy,
at the time of hyper-inflation the money loses all its value.
Recent example is Venezuela’s hyper-inflation problem. So
it is necessary to have a currency that exist online. There
are tons of Cryptocurrency available online but bitcoin is
most critical because of its maximum marketplace
capitalization. As of Dec 2019, according to the
Blockchain.com the Market Cap Value of Bitcoin is $124.8
BN. Main focus of the study is on bitcoin. It is decentralized
virtual money inside Online Payments that was invented
by an Anonymous Person with the use of the pseudonym
"Satoshi Nakamoto" in 2009. Satoshi Nakamoto designed
Bitcoin in a way that it is an open-source software
program. Bitcoins are not released like fiat money;
however, as an alternative, it's mined using computing
power viz. Cryptography technology. Recently, Bitcoin has
attracted a lot of interest. Its use in the form of Digital
Payment has increased, merchants have started gaining
interest in Bitcoin mainly because of its low commission
charge. i.e., less than 2-3% usually imposed by credit card
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companies for the instant transfer from one account to
Despite a having such a big potential Bitcoin haven’t
reached much retailers. The aim of the currency is buying
and selling goods and offerings, particularly within the
virtual market (where bitcoins are used). In this paper, the
study tries to figure out the increase and future of bitcoin.
Here the current study makes use of the surveys and
primary data to check the potential of Bitcoin and whether
it would be a boon to investors in Future.
Nakamoto (2008) in his research “Bitcoin: A Peer-to-Peer
Electronic Cash System” explores bitcoin as a peer-to-peer
version of electronic money that allows online payments to
be sent directly from one individual to another without the
need to go to a financial organization. Few economists
after release of bitcoin conducted their research on Bitcoin
Murali (2013) in his study Can Bitcoin, the global online
digital currency, be the precursor of a new monetary system,
states that “bitcoin is a hope for the new generation who
have lost faith in the banking institutions”. Economist John
Quiggin (2013) writing in the wall street journal criticized
saying, “Bitcoins are the most demonstrably valueless
financial asset ever created”. Also the world’s most famous
American Investor Warren Buffett in an interview to CNBC
warned investors about Bitcoin in 2014 saying “Stay away
from it. It’s a mirage basically”.
From the above literature, the output discovered that
maximum of the studies have centered on defining bitcoin,
its volatility and it’s working. But none of the reviews
speak about the future sustainability of bitcoin. As a result,
the present study somewhat differs from the previous
literature. As it gives more attention to its volatility nature
and the way it’s growing.
3.1 Tools for Data Collection: The primary data was
collected by a questionnaire (Google Forms). The
observations and conclusions have been drawn based on
the survey results.
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International Research Journal of Engineering and Technology (IRJET)
e-ISSN: 2395-0056
Volume: 06 Issue: 12 | Dec 2019
p-ISSN: 2395-0072
3.2 Questionnaire: - The population samples for this
survey are those who are into Technical background and
of age groups between 18 and 51 which is the ideal age of
Bitcoin Investors as per CNN Business.
The reason given by the Respondents from Fig 4.3 is that
the Banks have higher Security and Returns compared to
other Investment Options.
Whole of this research is based on the following Questions
which was been surveyed –
Do you know about Cryptocurrency?
Which platform do you prefer to invest your
Reason behind preferring the above-mentioned
Cryptocurrencies are you aware of?
Did you know, Bitcoin gives 1000 Times more
returns compared to Gold or other Investments?
Do you feel investing in Bitcoin would be the
Upcoming Trend?
Fig 4.3
Because 72 and 51% of Votes by Respondents were given
to Security and Returns respectively.
Bitcoin basically refers to the Crypto Currency which is
highly secured and gives very high returns.
It has been observed from Fig 4.1 that out of 50 responses
over 72% of People knows about Bitcoin and its working.
From the Fig 4.4 it shows the Most Popular
Cryptocurrency is the Bitcoin followed by the Ethereum
and Litecoin.
Thus, we can state that other than the High Market Cap the
Bitcoin also has tremendous
Fig 4.1
Still, they would prefer Investment on Banks over Gold or
Mutual Funds or Bitcoin. Findings out of my Research from
Fig 4.2 are that over 66% respondents chose Bank as their
preferred Investment Place.
Fig 4.4
Popularity among all the other cryptocurrencies.
It’s noted that very few (40% respondents) are actually
aware that Bitcoin gives 1000 Times more returns
compared to the Gold or other investments.
Fig 4.2
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Impact Factor value: 7.34
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International Research Journal of Engineering and Technology (IRJET)
e-ISSN: 2395-0056
Volume: 06 Issue: 12 | Dec 2019
p-ISSN: 2395-0072
From the above discussion of the observer, it’s interesting
to see that Bitcoin’s future is set to boom and as an
Upcoming Trend. Even the people involved in this survey
feel the same way, it's interesting to see that the
transaction increase of bitcoin is a growing trend.
Technology, and others are excited about its commercial
Fig 4.5
Major percentage (almost 60%) are not aware of the
Unbelievable returns that Bitcoin actually offers.
Now the last part of discussion states Fig 4.4 that over
58% peoples stated that they’re not sure about whether
Bitcoin will be a Trend in Future yet 36% voted for Yes.
The un-predictability of Bitcoin, is the reason which
concerns most of the Economists, and Government. The
Government can’t fully rely and risk its money in
something that’s highly volatile in Nature. Though Bitcoin
up till now has offered all-time high Growth but major
institutes like Government can risk its money in Bitcoin
until it gets stable. Once it gets stable slowly and gradually
every institution will start accepting and make it a legal
We believe that in the nearby future, people’s trust factor
will soon increase in Bitcoin and other cryptocurrency, but
doing more and more improvements and research is
equally important.
The Research has placed an important part, to learn in
detail from the theoretical studies.
I would sincerely like to thank all the Teachers who helped
me throughout the research.
Fig 4.4
I thank all the respondents for their cooperation and time
in completing the research, without whom, it would not
have been successful.
Summary based on the survey research is as follows:
8. Reference
Out of all Responses 77% respondents were
aware of Bitcoin and its working.
The age group of the respondents were between
18-51 which indicates that major youth are aware
of Cryptocurrencies
The Major Mindset of the Youth is that Bank is the
best investment followed by Mutual Funds.
Reason behind this Mindset is the Security of
Money and Returns which Banks Institutions
And the Major Youth is not sure about the
Bitcoin’s upcoming Trend, still 31% feel that
Bitcoin is the Future of all the currencies available.
© 2019, IRJET
Impact Factor value: 7.34
Marketplace: http://www.coindesk.com/indias‐
says/Bitcoin Price Analysis:
Chakravorti, S. and Shah, A., 2003. Underlying
incentives in credit card networks. The Antitrust
Bulletin, 48, pp. 53-75 Cheah, E-T. And Fry, J.,
Speculative bubbles in Bitcoin markets? An
empirical investigation into the fundamental value
of Bitcoin. Economics Letters, 130, pp. 32-36
Research and Challenges on Bitcoin Anonymityhttps://www.researchgate.net/publication/2817
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